10/6/11: 30-YR FIXED INTEREST RATE DROPS BELOW 4%; FIRST TIME IN HISTORY; IT’S TIME TO BUY

During the past few years housing analyst have written dozens of articles on how it is the best time to buy a new home.  But with today’s announcement that Mortgage rates for a 30-year loan have fallen below 4% for the first time in history, this should seal the deal.

When you combine the extremely low housing prices with this incredibly low rate, owning a home has never looked better.  The average rate on a conventional 30-year fixed-rate loan fell to 3.94% this week,  which is the lowest rate since Freddie Mac began tracking it decades ago.

This even lower rate, offers buyers the opportunity to save considerably on their mortgage payment.  If you compare today’s rate with the average of 4.60% a fews months back, borrowers can save approximately $40 a month per $100,000 borrowed.  This actually equates to a huge savings of nearly $14,000 for every $100,000 borrowed, over the life of the 30-year loan.

If you are interested in taking advantage of this amazing opportunity, view Chicago’s incredible homes now or register here for a professional real estate agent who can help.